Friday, October 23, 2009

* VivekaJyoti *: World zakat (charity) fund to raise 10 billiion within 10 years

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    • Established as part of an initiative by the Malaysian government, the World Zakat Fund is scheduled to launch during the first quarter of 2010 and hopes to start making philanthropic investments within a year of its launch. To date, the fund has $50 million in soft commitments, according to Humayon Dar, CEO of BMB Islamic, the fund's sharia adviser. Dar predicts the value of the fund could grow to as much as $10 billion over ten years as it raises money from an estimated 40,000 high-net-worth individuals in the Middle East, including some of the four hundred billionaires in the Middle East/North Africa region.